No, but it can buy food, health care and medicine, and a car which you need to get just about anywhere in this country. Doesn't even begin to cover the cost of housing and affording to live in a area that has a reasonable level of education. Until there's fewer people that can't afford all of those necessities, f Bush and f the greedy leaders of this country.
Inheritance taxes are unfair because they would burden my struggling family business. Love, Paris Hilton
I think it's noble that you've taken on the cause and are determined to be the voice of a long-oppressed, underrepresented, unheard minority - the filthy stinking rich. Frankly, I think someone should write a folk song about your struggle.
This is an apple. This is an orange. Anyway, I agree with you. That money has already been taxed and retaxed before it is put into the situation where the money maker could think of passing it down to the kids. This is so un-American. You know, it has always been an american ideal to support your family. Heck, we are so progressive today that we even find it OK to have a women support the family, and the man. But, I agree with that concept, Die Broke. That means that there are legal and tax free, or tax-light if you will, ways to pass that money along before you die. The plus is that you egt to actually watch the good your money can bring your family and not allow the govt take it all away.
Except that Paris Hilton's fortune would be taxed at 55%, under the current law. Confiscatory, if you ask me. Of course, they'll just create a "foundation" and let her run it and she'll be able to control 100% of the money. So, estate taxes don't punish the super rich, they punish the upper middle class and those aspiring to be wealthy. But, you guys are trying to protect the Buffetts and Rockefellers because with an estate tax they just buy up the smaller estates who can't afford the taxes or to create a foundation.
Why can't there be a bottom limit on the amount being inherited to qualify for estate taxes? To protect the "smaller estates?"
I thought things change too fast to keep moving the "bottom limit" but then again...Congress does seems to find a way to give themselves a raise each year.
I'm all in favor of taxing the rich. If the rich pay more taxes, then maybe they will stop going to Deer Valley and managment there will have to lower their lift ticket prices. But if we raise taxes too high, Paris Hilton et al and the really yucky rich people would just set up the aforementioned trusts, Cayman Islands corporations and similar dodges.
Sadly, millions of Americans vote to protect money they'll never have. The word "delusional" comes to mind. There are two ways to correct this. (1) Instill a sense of social justice in the American people. Yeah, right, that'll never happen. or (2) Explain to Americans what 1 in 60,000,000 really means. Powerball is not your friend.